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UK arm of prepaid financial services paid illegal dividend in 2019 – says EML

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The UK arm of card payments group Prepaid Financial Services paid an “illegal” dividend to its then Irish parent company in 2019, the company’s new owner, EML, said in accounts recently filed in the UK.

The £9m (€10.8m) dividend was paid by Prepaid Financial Services Ltd (UK) to Australian EML a year before the company was sold to Australian EML by owners Noel and Valerie Moran PFS at more than 200 million euros including conditional earn-outs. The dividend was fully accounted for in the accounts until the new EML revisions and was proportional to the financial results at the time.

https://www.independent.ie/business/prepaid-financial-services-uk-arm-paid-an-illegal-dividend-in-2019-eml-says-41535471.html UK arm of prepaid financial services paid illegal dividend in 2019 – says EML

Fry Electronics Team

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